新药技术转让背景和发展趋势.ppt

新药技术转让背景和发展趋势 王进 曼哈顿资本咨询管理公司 2010年12月 上海 新药技术转让概要 国外行情 案例示范 资本市场 近期动态 如何应对 疑问解答 Number of Deals and Total Value by Year (1999-2008) Source: Deloitte Recap LLC, 2009 大药厂买入产品技术交易趋势 2004 2005 2006 2007 2008 2009 晚期 25% 22% 26% 29% 33% 32% 中期 11% 11% 16% 13% 19% 21% 早期 64% 67% 58% 57% 48% 47% 大药厂签约技术许可总体早期偏多，晚期居次，中期最少。但近年来早期项目有下降趋势，中晚期略有上升。 Source: Deloitte Recap LLC 生物技术公司价值回升 中期项目交易案例 晚期项目交易案例 临床二期项目交易条款 临床二期项目交易案例 晚期临床项目交易条款 生物技术股权投资 生物技术股权融资统计 不同阶段技术许可的典型签约条款 * vs. 5 years ago Phase III Phase II Phase I Pre-clinical 3 x $40 - 100 M $ 10 - 25 M $ 5 - 15 M $ 3 - 10 M Upfront 3 x NA NA NA $ 2 - 5 M IND NA NA $ 5 - 10 M $ 3 - 8 M Ph II Start NA $ 25 M $10 - 15 M $ 10 M Ph III Start $ 30 M $ 10 M $ 5 M $ 5 M NDA Filing 2-3 x $ 50 M $ 30 M $ 10 M $ 5 M 1st Approval $ 70 M $ 45 M $ 20 M $ 10 M 2nd – 3rd Approval 1.2 x 18-26% 14-20% 12-15% 9-13% Royalty Tiers Source: Deloitte Recap LLC, 2009 Biggest Growth in Value has been at Clinical Proof of Concept * Source: Windhover’s Strategic Transactions Database, June 2007 Upfront only (no milestones or royalties): avg. of $ 35 M No. of Transactions $ Millions 全球生物医药并购案10年统计数字 01 02 03 04 05 06 07 08 09 Unit $ 亿 Campath 开发新药路途艰辛 Campath – Humanized monoclonal antibody directed against the CD52 antigen found on B- and T-lymphocytes 1979 - Discovery at University of Cambridge 1980s - Patented and managed by BTG plc 1980s - Licensed to Burroughs Wellcome (now GSK) 1994 - Returned to BTG 1997 - Licensed to LeukoSite 1997 - Joint Venture – Ilex Oncology / LeukoSite 1999 - JV Partners with Schering AG (US sub. Berlex) 1999 - Millennium acquires LeukoSite 2001 - Campath approved in US and EU 2001 - JV restructured – Ilex buys out Millennium 2004 - Genzyme acquires Ilex Oncology 2007 - Bayer acquires Schering AG 2008 - Takeda acquires Millennium 药物研究 + 开发 + 销售费用 基础研究 Basic R